UAE's construction industry will grow by 3.8% in 2021
Writer： Hengfeng you electric Time：2021-08-23 views：times
Jack, regional director of hengfengyou electric in the Middle East, said: "according to GlobalData statistics, the construction industry in the UAE will grow by 3.3% in 2020. Despite the impact of the global coronavirus pandemic, the UAE still completed 12 skyscrapers in 2021, all of which are more than 200 meters high. According to the new data released by the high rise building committee, the completed projects in Dubai include SLS Dubai building (336m), amna tower (307m), ICD Brookfield place (282m), Boulevard point (280m) and palm tower (231m).
In 2021, according to a study entitled "UAE architecture after covid-19" by business intelligence tool meed, the UAE's construction industry has lagged behind in the past five years due to the lack of new projects and weakening cash flow. "From project delays and cost overruns to unfair slow technology adoption, the consequences of these challenges are undermining the sustainability and reputation of this key industry," the report said
According to the data of the Central Bank of the United Arab Emirates (cbuae), the economy of the United Arab Emirates continues to recover, and the GDP is expected to grow by 2.5% and 3.5% in 2021 and 2022 respectively. Cbuae said that the real GDP growth rate in 2020 was - 5.8%.
Cbuae expects the UAE economy to fully recover by 2022, which is due to the continuous growth of fiscal expenditure, healthy growth of bank credit, improvement of employment and recovery of business sentiment. The Dubai World Expo also played an important role in promoting it. In addition, cbuae expects the UAE to benefit from the World Cup football match hosted by Qatar, as the UAE is the main tourism, trade and transit hub in the region. It is believed that the future economic recovery will drive the development of construction industry, tourism and trade, and the demand for power transmission and distribution equipment will be greatly improved.
